On Friday, March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) into law. Among the numerous provisions of the Act intended to provide economic relief to...more
3/31/2020
/ Business Losses ,
CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Financial Stimulus ,
Income Taxes ,
Net Operating Losses ,
Relief Measures ,
Tax Credits ,
Tax Deductions ,
Tax Incentives ,
Tax Planning ,
Tax Refunds ,
Tax Relief ,
Tax Returns
In the early hours of March 20, Treasury Secretary Steven Mnuchin announced that the Internal Revenue Service (IRS) has extended the deadline for filing of federal income tax returns to July 15, 2020. All individuals and...more
The IRS recently announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, may only be filed electronically. Although the effective date of the change is January...more
With the use of virtual currency on the rise, questions emerge as to how virtual currency transactions are taxed. The IRS has issued guidance regarding the tax consequences of such transactions, answering some questions but...more
4/3/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Fair Market Value ,
Income Taxes ,
Initial Coin Offering (ICOs) ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Token Sales ,
Virtual Currency
The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) modifies Section 965 of the Internal Revenue Code (“IRC”) by expanding the definition of “subpart F income” of United States shareholders (“U.S. shareholder”) for the last tax...more
3/12/2018
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Income Taxes ,
International Tax Issues ,
New Legislation ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
With Republicans in control of the White House and Congress, one of the top priorities is tax reform. President Trump’s tax reform proposal and the House Republicans’ tax reform “Blueprint” suggest many changes to business...more
2/17/2017
/ Alternative Minimum Tax ,
Border Adjustment Taxes ,
Business Taxes ,
Capital Gains ,
Corporate Taxes ,
Foreign Earned Income ,
Income Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Reform ,
Trump Administration